Market Analysis
Litecoin (LTC) faces a critical moment as the cryptocurrency plunges from $130 to $102, testing a crucial support level that could determine its near-term trajectory. This dramatic decline comes amid broader market uncertainty, with Bitcoin’s recent 10% drop from $94K triggering widespread selling pressure across major altcoins.
Technical Breakdown
According to renowned analyst BigCheds, LTC is now testing the $100 support level for the third time – a concerning pattern that historically signals increased breakdown probability. The repeated rejection at $130 resistance has created a clear trading range with:
- Strong resistance: $130-140
- Critical support: $100
- Current price: $102
- Trading volume: Significantly elevated
Market Implications
The persistent failure to break above $130 suggests weakening bullish momentum. Technical indicators point to:
- Weakened market structure
- Declining buy-side pressure
- Increased selling volume at resistance
- Risk of support level breach
Expert Outlook
Market analysts remain divided on LTC’s next move. While some suggest the repeated tests of $100 could lead to a breakdown, others point to historical bounce patterns from this level. The next 48-72 hours will be crucial in determining whether bulls can defend this critical support zone.
Source: NewsBTC